The last time I was looking for the setup in any of CHF crosses was in January, before SNB decision. The setup from that period is still on my chart. The reason I looked for it today is great potential trade both ways. I do not favor any, I will take the one that works.
The price is in the falling wedge on daily TF and on Friday it retraced 61.8 Fib of the bearish engulfing weekly candle which is perfect to short. However, there is a demand zone marked by 2 38.2 Fib levels as Fib confluence. Therefore, I expect that will visit demand once more to confirm it and move upside again with solid possibility of the wedge breakout.
Bearish scenario is based on ABCD correction which targets 61.8 Fib of the leg up after SNB. This setup will be valid if demand does not hold.
The price is in the falling wedge on daily TF and on Friday it retraced 61.8 Fib of the bearish engulfing weekly candle which is perfect to short. However, there is a demand zone marked by 2 38.2 Fib levels as Fib confluence. Therefore, I expect that will visit demand once more to confirm it and move upside again with solid possibility of the wedge breakout.
Bearish scenario is based on ABCD correction which targets 61.8 Fib of the leg up after SNB. This setup will be valid if demand does not hold.